Managing Director

"Technically, the market is ripe for a correction but there are still major companies that will report third-quarter earnings this week," said Astro C. del Castillo, managing director at brokerage firm First Grade Holdings, Inc., in a phone interview yesterday.

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For Mr. del Castillo, support is at 4,200 to 4,300 level this week, while for Mr. Calaycay, support continues to be at 4,330 and resistance at 4,400. - N. J. C. Morales

"Definitely that is a good move because tourism is one of the primary industries that this government is pushing," Astro C. del Castillo, managing director of brokerage firm First Grade Holdings, Inc., said in a phone interview yesterday.

"It will fast-track the expansion [of Alliance Global's tourism business] by adding more land bank in its property holdings ... it also has the financial capability to put up more hotels and resorts," Mr. del Castillo added.

"Interest rates are still low and that is a conducive environment for issuing notes," Astro C. del Castillo, managing director of brokerage firm First Grade Holdings, Inc., said in a telephone interview yesterday.

"There continues to be an appetite for it," Mr. del Castillo said.

The overnight borrowing rate is currently pegged at just 4.25% even after the Bangko Sentral ng Pilipinas monetary board hiked interest rates by 25 basis points for the first time since mid-2009.

The record low had been 4%.

Mr. del Castillo said capital raising is still attractive given market liquidity.